ICL completes acquisition of Fertiláqua
2021-01-11    [Source:Yahoo Finance]

Leading Brazilian specialty plant nutrition company enhances ICL's position in high-growth, high-margin Brazilian specialty plant nutrition market

ICL (NYSE & TASE: ICL), a leading global specialty minerals and specialty chemicals company, announced today it completed the acquisition of Fertiláqua, one of Brazil's leading specialty plant nutrition companies, for $122 million, which includes the assumption of approximately $40 million of net debt. ICL expects to leverage Fertiláqua's strong market presence and distribution capabilities to increase the sales of its organic fertilizers, controlled-released fertilizers and other specialty plant nutrition products to the Brazilian market, one of the world's fastest growing agriculture markets.

"We are delighted to add Fertiláqua to our crop nutrition business, as it gives ICL a significant foothold in a major market with rapidly increasing demand for specialty plant nutrition products and also provides a seasonal sales balance between the Northern and Southern hemispheres," said Raviv Zoller, president and CEO of ICL. "Going forward, we expect to continue to grow in the specialty fertilizer market and to expand our reach in Brazil via both M&A and organic growth."

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